formats

Welcome to News & Events

Published on December 20, 2011, by in Industry News.

Welcome to The Fraud Practice’s FraudBlog; your source for updates on current events, commentary and best practices related to the eCommerce CNP payments and fraud industry.

Be sure to signup to see all of our content to include our free monthly FraudBlog Newsletter.

 
formats

U.S. Proposes National Data Breach Notification and Protection Standards

This week the White House proposed the Personal Data Notification and Protection Act, which seeks to set a national standard for data breach notification requirements replacing the patchwork of separate laws across 47 states. If passed into law, this act would strengthen and more clearly define what is required of organizations that suffer data breaches, including the requirement to inform those impacted by the data breach within 30 days of breach discovery.

If passed by Congress, this act would benefit organizations by clarifying a national standard with breach notifications while benefiting consumers with more uniform protection and rights. This would be especially beneficial for consumers in Alabama, New Mexico and South Dakota, states with no data breach notification laws in place currently.

Read More

 
formats

In 2015 Achieving PCI Compliance Means Meeting the Version 3.0 Standards

The first big change for payments in 2015 took effect on January 1st when the deadline to meet PCI Data Security Standards (DSS) version 3.0 requirements passed. The Fraud Practice provides a quick overview of what has changed and what that means for organizations that must adhere to these standards.

The third version of the PCI Data Security Standards both expands on existing requirements and creates new ones. The number of PCI requirements increased by more than 25 percent from version 2.0 and there are now 408 requirements in total. This includes documenting more procedures around fulfilling requirements, more clearly defining PCI responsibilities in vendor contracts, enhanced penetration testing and maintaining more of a year-round approach to data security rather than a once-a-year, check-the-box mentality.

Read More

 
formats

Is this Finally the Year Mobile Wallets Takeoff?

There has been a great deal of speculation and high expectations for the growth of contactless mobile payments since the launch of Google Wallet in 2011, but more than three years later mobile payments at the physical point-of-sale have yet to reach critical mass. With Apple Pay launching in late 2014, the number of NFC enabled mobile devices and payment terminals rapidly increasing and several other factors at play, 2015 may finally be the year mobile in-store payments takeoff in the mainstream.

When Google Wallet first tapped the contactless mobile payment market in 2011 it was segmented and difficult to get all the right players to cooperate, there were only a handful of compatible mobile devices, and only some mobile carriers and card issuers were directly participating. The landscape looks much different today.

Read More

 
formats

The Fraud Practice Releases New Free White Paper on the use of Issuer Alerts to Enable Higher Sales Conversion

Increasing Sales Conversion Through Issuer Alerts White PaperWhile most tend to focus on risk management tools and techniques that are applied before or during the point of transaction, our latest free white paper discusses the use of Issuer Alerts as a means of reducing chargebacks post-transaction, creating opportunities for organizations to focus more on sales conversion.

Issuer Alerts provide notification of transactions where the issuer intends to file a chargeback on behalf of the consumer. For these orders, the Issuer Alert provides organizations an opportunity to proactively respond and prevent a chargeback from occurring. This enables merchants to reduce the number of fraud and non-fraud related chargebacks, effectively lowering their chargeback rate while making no changes to the risk screening performed upfront. In doing so, the merchant can then weigh decisions on whether or not to be more lenient and let more orders flow, knowing that many of the chargebacks can later be avoided by proactively responding to Issuer Alerts.

The Fraud Practice’s new white paper, titled “Increasing Sales Conversion Through Issuer Alerts”, discusses the key concepts and considerations around Issuer Alerts for building this business case.

Request your free copy of this white paper

 
formats

Decline in Total Retail Sales Over Thanksgiving Weekend Followed by Largest U.S. Online Shopping Day Ever

In the four days from Thanksgiving to the following Sunday total U.S. retail spending declined, but eCommerce retail enjoyed strong growth over the holiday weekend and an even better Cyber Monday as it became the first time online spending in the United States eclipsed $2 billion in a single day.

Preliminary estimates following the largest five-day shopping period in the United States have a mix of good and bad news for retailers. According to estimates from the National Retail Federation (NRF), total spending in the U.S. over the Thanksgiving holiday weekend (Thursday to Sunday) fell 11 percent from 2013, but it could’ve been much worse if not for the continued growth of online sales. According to estimates from ComScore, eCommerce retail spending from PCs during the five-day period from Thanksgiving to Cyber Monday reached $6.56 billion, a 24 percent increase from 2013.

Read More

 
formats

Conversion Rates 3 Times Higher on Desktops Compared to Smartphones on Black Friday

A recent IBM Digital Analytics Benchmark report provides a plethora of great statistics about online and mobile traffic as well as shopping on Black Friday and Thanksgiving. While several notable findings emerge, these analytics reinforce trends that have been observed before: consumers are using smartphones to browser but tablets and PCs to buy, and iOS device users tend to shop and spend more from their mobile devices than Android users.

There is no denying that mobile commerce is continuing grow and represent a higher portion of total eCommerce sales in the United States, but the PC is still entrenched as the leading online sales vehicle. In IBM’s U.S. Retail Black Friday Report 2014 it is shown that mobile online traffic actually exceeded PC traffic on Thanksgiving and was about 50/50 on Black Friday, but more sales were closed on a computer than a mobile device.

Read More

 
formats

Using Social Media to Drive More Sales

Most eCommerce merchants have a social media presence these days, but not all are using it to their full potential. The Fraud Practice explores metrics around the use of Facebook and Pinterest to drive more sales along with a case study of a retailer increasing sales and revenue via Instagram.

Social media helps businesses grow their brand and presence in the marketplace, but measuring direct impact on sales can be more difficult.

Read More

 
© The Fraud Practice LLC 2012